Microsoft, Apple, and Alphabet Led the Stock Market Lower on Thursday
The stock market crashed hard on Thursday, Sept. 3. At 1:15 p.m. EDT, the Dow Jones Industrial Average stood 2.6% lower and the broader S&P 500 index had fallen 3.4%. The tech-heavy Nasdaq Composite led the pack with a decline of 4.6%, giving us a big clue to the drivers of this sharp market drop.
A familiar trio of trillion-dollar market caps led the way here. Shares of iPhone maker Apple (NASDAQ: AAPL) posted a 6.8% loss and software giant Microsoft (NASDAQ: MSFT) slumped 5.9%. Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) fared slightly better, limiting its decline to approximately 5.3%.
Together, these sudden dives added up to $382 billion in lost market value at press time.